People are living with their parents for even longer. This is according to the latest Consumer Sentiment Survey carried out by DDproperty which collected data from 865 respondents online.
According to the report, 57 percent of millennials live with their parents and of this group, over half of these have no intentions of departing from the family home anytime soon.
Looking after parents is the single biggest factor why they are not moving out, this is followed by respondents stating that their family home is big enough and that they are not married. These results reflect the strong family unities that exist in Thailand that influence the way in which people live.
Respondents who have already moved out of their family home did so mainly around the 25 to 27 year age bracket and the 28 to 30 group. However, for those still residing at home, half of the respondents have no intentions of moving out until they reach 35 years of age. This reflects that there is not a huge urgency to set up a home on their own whether that be for family or money issues.
Regardless of society suggesting that individuals still strive to be property owners, the report suggests that this desire to reach the first rung of the property ladder does exist but not at such a rapid rate.
Property being too expensive did feature as a reason for not moving out of home, but only a fraction cited this as being a barrier once again emphasizing that wanting to be close to family is of utmost concern.
Those wishing to move out are however planning ahead. A high proportion of respondents stated that they have a monthly savings plan and even one in three confirmed that they have an investment strategy in order to reach their property ownership goals suggesting that those interviewed are taking responsibility for this purchase rather than falling back on the family to make this move.
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